The present invention generally relates to electronic commerce systems and, more specifically, to a method, system, and storage medium for pre-screening individual applicants for a credit card account at a point of sale.
Prudent consumers are taking advantage of widespread incentives offered by retail establishments that are aggressively competing with the new shopping medium known as the Internet. Popular new marketing initiatives are being created such as preferred customer programs whereby customer loyalty cards are issued offering discounts based upon the number and value of purchases made as well as providing points redeemable for merchandise. Wholesale clubs are popping up in many regions whereby registered members with ‘club’ cards or membership cards receive the benefits of reduced prices for items including those purchased in bulk quantities. Many of these businesses now offer private label credit cards to customers in order to encourage repeat business. Holders of these cards often receive special mailings including coupons for special items, announcements of private or preferred customer sales, and other incentives.
Applying for a private label credit card in the store or a commercial credit card (e.g., VISA®, Mastercard®, American Express®) can be time consuming and inconvenient for today's hurried shoppers. A special trip to the customer service desk and filling out various credit forms are two of the general requirements preceding the establishment of an account. If approved for credit in the store, the customer must then transport selected items for purchase to a check out register, waiting in line for perhaps a second time.
What is needed is a more efficient process whereby the pre-approval of credit worthy consumers, the generation of a credit offer to these consumers, and the offer acceptance by the consumers occur at a single location and can be translated into immediate purchasing power in a matter of seconds.